FG Clears N39bn Pension Arrears for NITEL, PHCN and Bank Workers

The Federal Government has paid over N39 billion owed to thousands of pensioners under the Defined Benefit Scheme, fulfilling President Bola Tinubu’s pledge to settle inherited pension debts. The Pension Transitional Arrangement Directorate confirmed payments of N25.05 billion to 9,675 former NITEL/MTEL staff, N9.48 billion for initial PHCN pension arrears, and N5.09 billion covering increments and arrears for Assurance Bank, NICON, NITEL and People’s Bank retirees. This milestone reflects efforts under the Renewed Hope Agenda to strengthen social protection and restore confidence in pension administration. PTAD’s Executive Secretary called it a clear demonstration of the government’s commitment to the welfare and dignity of senior citizens.

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